Loan Agreement

The lender is Meridian Advance (Private) Limited. The borrower is the applicant named in the agreement. Your employer is not a party to this agreement; it acts solely as collection agent for repayments and holds no liability for the loan.

On approval, the principal amount stated in your agreement is paid directly into the bank account you nominated, in your own name. No amount is paid to or through your employer.

A fee of 15% per month of the original principal is charged for each month of the agreed term. The fee is flat and does not compound. There is no arrangement fee, no administration fee and no early settlement penalty.

Representative example: a payday loan of $300 over 3 months at 15% per month on the original amount. Total fee $135. Monthly repayment $145. Total to repay $435.

You irrevocably authorise your employer to deduct the monthly repayment stated in your agreement from your net salary on each payday of the term, and to remit it to Meridian Advance. The first deduction falls on the first payroll run of the month following disbursement. A schedule of deduction dates and amounts forms part of your agreement.

You may settle the outstanding principal in full at any time. Monthly fees for months not yet reached are cancelled and no penalty is charged.

Your guarantor binds themselves as surety and co-principal debtor for the full amount owing under this agreement. Meridian Advance will approach the guarantor only after a repayment has been missed and reasonable attempts to reach you have failed.

You are in default if a salary deduction is not received on its due date, if you leave employment without agreeing an alternative arrangement, or if information given in your application proves materially false. On default the full outstanding balance becomes immediately due, and we may recover it from you or your guarantor and report the default to credit reference providers.

If the arrangement between Meridian Advance and your employer ends, existing loans remain payable. You will be given written instructions for paying the remaining balance directly.

You may cancel within 5 business days of disbursement by repaying the principal in full, with no fee due.

This agreement is governed by the laws of Zimbabwe. Complaints should first be raised under our complaints procedure before any further step is taken.